The “Hub71+ Digital Assets” project has been unveiled by Hub71, Abu Dhabi‘s digital ecosystem. This initiative is supported by a $2 billion budget. In addition, this initiative aims to promote Web3-based technologies such as blockchain and metaverse apps.
Abu Dhabi Announces $2 Billion Initiative for Web3 Startups
In Wednesday’s press release, it was learned that Hub71+ Digital Assets’ ecosystem initiative would bring many benefits to startups. For example, startups will have access to a wide range of programs and potential corporate, government, and investment partners.
According to the program, businesses moving to Abu Dhabi will be supported. This will encourage startup growth in the Middle East and global markets. On the other hand, First Abu Dhabi Bank (FAB), a research innovation center known as FABRIC, is one of the program partners. Other partners include several digital asset exchanges and service providers. Their main objective in joining the initiative is to facilitate the discovery, trading, and custody of digital assets.
About Hub71+ Digital Assets Initiative
The launch of the program, according to Hub71 deputy CEO Ahmad Ali Alwan, underlines Abu Dhabi’s interest in luring companies with the potential to have an impact on the world. Decentralization, according to him, is what the internet will look like in the future. Web3 and blockchain firms are likely to be key players in enabling this change.
What Has the UAE Done Recently?
The United Arab Emirates (UAE) has made several attempts to encourage the establishment of the digital asset and blockchain markets in the area, with the launch of the program being the most recent.
For cryptocurrency companies wishing to conduct business in the largest emirate of the UAE, Dubai’s virtual asset regulator VARA, published a list of regulatory requirements earlier this month. The regulations encompass a range of virtual asset-related operations, such as custody, advertising, exchanges, and more.
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